Data / Bank failures / 1985 / First Trust Bank of Lakefield
First Trust Bank of Lakefield, Lakefield, MN: failed May 31, 1985
First Trust Bank of Lakefield in Lakefield, Minnesota, failed on May 31, 1985. Fulda State Bank of Fulda, MN, took over its deposits. It held $24.3 million in assets and $22.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $9.4 million (38.9% of its assets). By assets it was the 104th largest of 180 banks closed or assisted in 1985.
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The FDIC's record
- Closed
- May 31, 1985
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Fulda State Bank, Fulda, MN
- Total assets
- $24,288,000
- Total deposits
- $22,126,000
- Estimated cost to the FDIC
- $9,449,853 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 5177
Other bank failures in Minnesota, 1983 to 1987
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| State Bank of Greenwald | Greenwald | October 2, 1987 | $23.3 million | $19.9 million | $4.3 million | Rural American BK Greenw |
| Clay County State Bank | Dilworth | October 1, 1987 | $10.1 million | $9.9 million | $1.1 million | Northwestern STB of Ulen |
| First State Bank of Rollingstone | Rollingstone | September 11, 1987 | $15.2 million | $14.4 million | $3 million | Eastwood Bank ST Charles |
| People's State Bank of Mazeppa | Mazeppa | August 21, 1987 | $21.6 million | $20.2 million | $4.9 million | First State Bank of Red |
| Lanesboro State Bank | Lanesboro | June 26, 1987 | $11.4 million | $11 million | $2.3 million | Goodhue Cnty NB of Red W |
| First National Bank of Wilmont | Wilmont | May 29, 1987 | $13.3 million | $11.8 million | $2 million | Farmers STB of Mountain |
| Todd County State Bank | Long Prairie | May 14, 1987 | $15.4 million | $15.2 million | $2.4 million | First NB of Long Prairie |
| The First National Bank of Elbow Lake | Elbow Lake | May 14, 1987 | $14.2 million | $15.7 million | $7.7 million | First NB of Fergus Falls |
Other failed banks Fulda State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Citizens State Bank of Fulda | Fulda | MN | February 15, 1985 | $39.4 million | $36.4 million | $12.8 million | Fulda State Bank |
All bank failures in 1985 · All bank failures in Minnesota · Every failed bank Fulda State Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.